Page 6 - Mark Knold News Today

SALT LAKE CITY — Utah’s nonfarm payroll employment for July 2022 increased an estimated 3.5% across the past 12 months, with the state’s economy adding a

The unemployment rate in Box Elder County stayed near a historically low level last month, remaining at 1.8% in July for the third consecutive month.

Details on the Utah unemployment rate and employment summary for July 2022 have been released by the Department of Workforce Services.

Even though the U.S. just recorded two quarters of a shrinking economy, a Utah Department of Workforce Services economist says the economy still needs more workers.

In spite of ongoing, record-high inflation and a U.S. economy thats showing signs of slowing, a 2\u00bd-year year journey to recover 22 million jobs lost amid the unprecedented economic upheaval wrought by the COVID-19 pandemic is over.

It took some two-and-a-half years, but a U.S. labor market that lost 22 million jobs thanks to the COVID-19 pandemic is finally back to pre-public health crisis levels. But, while U.S. businesses added 528,000 jobs in July, a critical labor shortage continues with 1.8 openings for every 1 available worker.

The Department of Workforce Services (DWS) reported that Utah's non-farm payroll employment for June of 2022 increased an estimated 3.5% across the past 12 months. This increase came with the state's economy adding a cumulative 56,300 jobs since June 2021. Currently, Utah's current job count stands at 1,666,300. For the month of June, the adjusted

Two consecutive quarters of negative GDP growth can be a recession indicator. However, other factors, like consumer spending and employment levels, suggest a recession is not on the way.

Utah's unemployment rate held steady at 2 percent in June, the same rate as reported in May.

56,000 Utah jobs have been created in the last year and businesses are trying to find workers to fill them.